Home improvements add little value to homes - survey

Many of those surveyed had carried out major jobs on their homes

Seven out of 10 estate agents believe redecorating a home makes no difference to its asking price, a survey suggests.

The study for insurance firm LV of more than 200 estate agents also found 64% said the same about garden landscaping.

Putting in a new kitchen would have little impact on the value of a home, according to one in five estate agents.

They said competent structural work was most likely to boost a property's value - with a good loft conversion likely to increase the asking price by about 8%.

Gas repairs

However, they warned the increase in value was unlikely to cover the amount of money spent on having the work done.

The survey also polled more than 2,000 householders, with significant proportions admitting to carrying out major jobs on their homes without professional help.

One in four said they had undertaken electrical work, one in five had attempted plumbing, and nearly one in 10 had tried structural improvements such as removing walls.

Some 6% had had a go at major building work such as a loft conversion by themselves, and 3% attempted DIY gas repairs.

John O'Roarke, managing director of LV home insurance, warned that badly done work could reduce a property's value by as much as 5%.

'Bungling cost'

He said: "With house prices falling or stagnating in some parts of the UK, it's understandable that many homeowners should try to bump up the value of their properties through DIY home improvements.

"But although nine out of 10 people in our survey recognised that jobs like gas work should only be left to the professionals, nearly 500,000 Brits are still prepared to give it a go.

"Not only could bungling these jobs be dangerous, and costly to put right, but if they caused a serious problem with the property it could invalidate the home insurance cover."

In contrast to the views of the estate agents surveyed, a fifth of the householders thought redecorating would add most value to their home and 14% thought it would be refurbishing the kitchen.

Some 12% believed improving the garden would have the most impact and 6% said replacing the bathroom.